Will coronavirus encourage people to use crypto more thoroughly?

[bitgolden]

Maybe digitally we could actually get some sort of spike? I mean think about it, a lot of people are staying at home right now which means there must be a lot of people who are buying stuff online nowadays, and with a lot of crypto people staying at home as well that means people must be preferring to get the crypto payments as well.

So, with an uptick in the amount of crypto people are spending these companies could take a bigger look at it and talk with other business owner friends and tell them how the crypto payments are increasing during the lockdown and they could add as well and this could create some snowball effect that results with bitcoin being accepted in more places. I don't know if this is going on right now but this is the best case I can think of right now.

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[davidroux]

People now are sitting at homes and do not spend as much money as usual, so they might search for the options for investments. Bitcoin has a fixed supply, so they might put a part of the funds in BTC.

Well unfortunately most of people that I've seen instead of investing they are withdrawing due to fear of unstability. It does makes sense though when people have too much time and is not working they tend to have less money and would prefer to invest themselves into enrolling some kind of online courses. Investing at this hard time only available for those with excess money.

Crypto market is now very unpredictable and this affects the psychology of investors during this time. I think that if this disease situation does not improve soon, it will surely affect investors and the crypto market will surely be in crisis. Of course I don't want this to happen because I have a lot of coins in my hold this time.

[Bukata]

No. I don't think so, Alot of countries haven't adopted cryptocurrency and Alot of publicity is still needed to make that happen.

[Psynthax]

Maybe digitally we could actually get some sort of spike? I mean think about it, a lot of people are staying at home right now which means there must be a lot of people who are buying stuff online nowadays, and with a lot of crypto people staying at home as well that means people must be preferring to get the crypto payments as well.

Unfortunately the real problem is that at this point most of people can't be stressed enough into using crypto while they are already freaking out because of financial unstability. Like many people said above most of people will just use conventional way of dealing with transaction and won't bother using crypto  not to mention that the government are usually rather discourage people from using it.

[Emilyp]

No it won't. A lot of persons are going through a lot being locked down in their homes what's on their mind is survival and nothing else. No one is talking about investing in anything the fed, health workers are trying to save the situation. I doubt if any new member can come I to cryptocurrency now.

[Valzador]

No it won't. A lot of persons are going through a lot being locked down in their homes what's on their mind is survival and nothing else. No one is talking about investing in anything the fed, health workers are trying to save the situation. I doubt if any new member can come I to cryptocurrency now.

The outstanding response, but you have to learn to see things from another perspective, with this pandemic, of course, everyone will do activities from home but certainly still need food, to get food that person must make transactions with food vendors, transactions using money cash will potentially transmit the virus, this is where the cryptocurrency plays an alternative method of payment for a sale, not for investment.

[Tigboom]

As long as Fiat is not yet obsolete. They won't even dare to adopt cryptocurency that will be a total shift of power which they don't want to happen. Adoption will come little by little from major cities.

[jahepahit]

I think the situation still will be same. if in developed countries the use of digital money is likely to be greatly supported by the presence of qualified technology. whereas for developing countries, will every store receive a purchase using this crypto money?.
because what is happening now users are withdrawing all the assets they have in the social distancy time .

[Abiky]

no because there are still other alternatives besides crypto as a means of payment such as Paypal and ATM. many people are afraid to use crypto because prices are never stable and bloodshed always happens

That's certainly true, mate. If Fiat can still be used online, why people would resort to crypto in the first place? I know that the dreaded volatility makes crypto somewhat unattractive to the average person, but it still has greater benefits than Fiat itself. For instance, people using crypto can obtain true freedom over their own money. It's possible to achieve privacy for online payments performed with crypto. That's not possible with Fiat using either a payment processor like PayPal or a credit/debit card directly. Besides that, crypto provides better profit opportunities than Fiat itself because the way it was designed. Bitcoin is the world's largest cryptocurrency by market cap, with a deflationary model that keeps coin emission low every 4 years. At times, Bitcoin becomes extremely valuable giving you the opportunity to profit within a short time frame.

Despite all the benefits that crypto provides over Fiat, people are still comfortable in using the latter since it's been trusted for a very long time. People are skeptical to use something that's new and widely unstable for mainstream payments. I believe crypto needs more time to mature before people will be able to consider it as an alternative payment option in times of need. Until then, the average person will continue to cash out everything for Fiat during the coronavirus pandemic. The longer the outbreak takes to disappear, the more prices will decline across the market. This applies not only to crypto, but also stocks and precious metals. Since this is the first time crypto experiences times of turmoil, it'll be put up to the test in order to determine its true value proposition in the mainstream world. I'm hoping that people will be able to use crypto more thoroughly in times of need sometime in the future. Just my thoughts

[gunungkembar]

The question is complex and depends more on what will happen to fiat systems than on how attractive the cryptocurrency seems to the world.
Now historical things are happening, and we do not know how the economy will behave in crisis time tomorrow. Bitcoin can become something of a life buoy as one stable asset in such an unstable time.

yes no one knows when it happened because now I see the crisis has begun to recover a little because the world economy will not always collapse like this, if bitcoin is used as a place for coin investment that can have stable prices in my opinion it's wrong because of the movement of bitcoin prices which can not be determined when it goes up and when it goes down then bitcoin will become a place of investment that has a lot of high risk.

[schuriken]

I've seen somewhere across the web, that China has been taking measures to protect physical banknotes/bills from getting infected with the coronavirus. After all, it's said that the virus could be transmitted across physical cash in circulation from one person to another. If the trend continues, people will look for other ways to spend their money safely without having direct contact with the virus. In this regard, digital payments prove to be a winner when it comes to sending/receiving money without exposing yourself to physical banknotes/bills that have could've been contaminated with the coronavirus. I believe that it could be a win-win situation for Bitcoin and other cryptocurrencies in the Blockchain space. Unless governments decide to start rolling their digital currencies to the world, everything will remain likely the same as it is today.

Do you think that the recent situation will encourage people to use (or rely) on crypto more thoroughly? What are your thoughts?

using crypto in global still needs time and work to every one to use. bitcoin is just a start of blockchain.we have long road in world to switch technology to blockchain platform.but this covid virus maybe change people view about blockchain and speed up some process.

[SanZoldyck]

Hmm it's hard to suppose. I think in the crisis many people are afraid of trying smth new with their money. Noone wants to loose, so using crypto looks like smth dangerous for those who have never ever tried that before.

I agree that there are so many crises around the world by the Corona virus, and they are afraid of losing their money let alone try new things they don't know, but anything can happen if there is a mentor who guides him into the crypto world, why not

[matchi2011]

The question is complex and depends more on what will happen to fiat systems than on how attractive the cryptocurrency seems to the world.
Now historical things are happening, and we do not know how the economy will behave in crisis time tomorrow. Bitcoin can become something of a life buoy as one stable asset in such an unstable time.

yes no one knows when it happened because now I see the crisis has begun to recover a little because the world economy will not always collapse like this, if bitcoin is used as a place for coin investment that can have stable prices in my opinion it's wrong because of the movement of bitcoin prices which can not be determined when it goes up and when it goes down then bitcoin will become a place of investment that has a lot of high risk.

Risk is always present to any kind of investment so it shouldn't be treated like that as long as you know how to do your research and you are looking for a much better way to lessen such risk then there should no problem that will going to take place. Bitcoin volatility might be things that investors are worrying but with this pandemic crisis to those who learned crypto market will be encourage to use this chain as an alternatives.

[Ozero]

China can only consider this after the crisis had been reduced to the minimal. have thought on the gap the asset fills in the time of crisis but those in the crisis at a point are no more concern about the toilet paper and fund but the food in store, protecting themselves and mourning the victims. After the crisis Governments, Financial institute and internet media will consider another form of keeping asset/fund and transacting with each other fast, secure, decentralized, no third party and a level of anonymity.

Despite the ongoing pandemic of the coronavirus, the Chinese government does not stand still and is actively engaged in the introduction of its digital renminbi, which they plan to launch fully in May. The digital yuan of China will also help to cope with the spread of coronavirus, so its appearance is now very important.
Of course, in conditions where coronavirus can remain on paper money for some time, cryptocurrency is in a very favorable position. This situation should lead to its more active use.

[Abiky]

The question is complex and depends more on what will happen to fiat systems than on how attractive the cryptocurrency seems to the world.
Now historical things are happening, and we do not know how the economy will behave in crisis time tomorrow. Bitcoin can become something of a life buoy as one stable asset in such an unstable time.

If Fiat collapses in its entirety, people might resort to Bitcoin and other cryptocurrencies on the market. The coronavirus outbreak has encouraged social distancing, so this should boost the adoption of digital payments in the online world. Credit/debit cards can still be used online, but crypto has greater benefits. Truly sovereign money will rule in the end as central banks are unable to rescue the world's economy. We're entering a recession and soon we could be experiencing a global economic depression. The longer it takes to find a cure or vaccine for COVID-19, the more people will stay interconnected in the online world. This will lead towards the discovery of crypto as an asset class that's outside the control of central banks and governments worldwide.

I strongly believe that the coronavirus disease will encourage people to use crypto more thoroughly. But even if it doesn't, we cannot deny that the world will be shifting its economy into the digital realm. Physical cash and credit/debit cards will cease to exist, paving the way for crypto and CBDCs. China has already announced the launch of a digital yuan, which could make people curious about crypto and Blockchain technology itself. We'll never know what will happen in the future as the same is truly unpredictable. But given crypto's success over time, it seems likely that it'll be here to stay for a very long time. Just my thoughts

[AssociatesBumble579]

If we look at the events that exist today, the choice of digital money is a very good thing.The only way I see people using Bitcoin or any other cryptocurrency more as if the current banking system collapses. People will find alternative ways to conduct transactions it's very accessible for the people to buy crypto without actually going to banks or Regarding the impact of coronavirus with the use of cryptocurrency.
 

[rexxarofmoknathal]

I'm not sure if the virus will make more people use crypto, if anything people will become more aware but I think it will still be difficult to change people's perspectives. In my opinion having more people on board with crypto in general is a slow but nonetheless progressive improvement!

[terrific]

I'm not sure if the virus will make more people use crypto, if anything people will become more aware but I think it will still be difficult to change people's perspectives. In my opinion having more people on board with crypto in general is a slow but nonetheless progressive improvement!

Their perspective will change when money is the talk.
And that talk will start when they see bitcoin starts rising again just like what we did before, the year 2017.

[kingzpro]

Crypto adoption was bound to increase overtime and i think with this pandemic the adoption will speed up so i guess post pandemic crypto will be adopted worldwide that is why i see huge surge in demand and value of top coins in next 2 years or so that will result in parabolic increase in the price of top coins.

[Abiky]

I'm not sure if the virus will make more people use crypto, if anything people will become more aware but I think it will still be difficult to change people's perspectives. In my opinion having more people on board with crypto in general is a slow but nonetheless progressive improvement!

Yes. Progress will be slower than many of us expected, but at least we'll get there. There's no denying that people are looking for alternatives to Fiat in a decaying global economy. They might as well choose Gold as their safe-haven asset in times of turmoil or Bitcoin altogether. The social distancing measures will encourage people to interact more in the online world, leading towards the discovery of crypto and Blockchain technology. Bitcoin is considered as the "Currency of the Internet" because it's the most widely used "medium of exchange" in cyberspace. With a deflationary model, most people could find Bitcoin attractive than anything else. Other cryptocurrencies like ETH and XMR will become widely used by people worldwide because of the features they provide for decentralized finance.

I believe that the COVID-19 outbreak has accelerated the development of CBDCs like never before. This will bring curiosity into everyday people in knowing what crypto and Blockchain tech are all about. Once CBDCs are launched, there could be greater exposure to decentralized cryptocurrencies in the mainstream world. We've seen how people's interests surged into crypto since the start of the pandemic. Most people searched about the Bitcoin halving on the Internet, as indicated by a web article. Binance on the other hand, said that there were new accounts created on its platform. All of this leads me to believe that coronavirus will encourage people to use crypto more throughly the longer it takes to disappear from the face of the Earth. Just my opinion